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Financial Sector Assessment Program - Albania: Developing Private Pensions in Albania

Autor: Banco Mundial
Año: 2014
Resumen: This note sets out options to develop private pensions in Albania. It has been requested by the authorities to help create a more diversified pension system that can deliver improved outcomes for Albania in decades to come. A diversified pension system mixes state and private pensions as well as other sources of retirement income. The analysis, diagnosis, and recommendations use an outcome-based assessment framework. This technical note looks at how the pension system performs relative to 5 key outcomes: efficiency, sustainability, coverage, adequacy, and security. These outcomes depend on the political and economic environment in which a pension system operates, and its overall design including regulatory framework, market structure and conduct, and supervisory approach.

Fuente: Banco Mundial
Clasificación: Seguridad Social y Sistemas de Pensiones
Tipo de Publicación: Notas de Pensiones
Idioma:

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The Chilean system of contributory pensions as locus of rivalry and of a new social compact

Autor: Sojo, Ana
Año: 2014
Resumen: Este estudio evalúa el sistema de pensiones contributivo en Chile y ofrece algunas recomendaciones de reforma, desde el punto de vista de derechos sociales que generan expectativas de satisfacción. El objetivo principal de cualquier sistema de pensiones es brindar seguridad de ingresos a las personas mayores, y las pensiones contributivas deben reflejar los ahorros logrados a lo largo de la vida laboral para garantizar que, para niveles similares de esfuerzo, se obtenga una protección similar y proporcionada.

Fuente: Comisión Económica para América Latina (CEPAL)
Clasificación: Reformas de Pensiones
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Strategic Interactions and Portfolio Choice in Money Management : Evidence from Colombian Pension Funds

Autor: Pedraza Morales, Alvaro.
Año: 2014
Resumen: This paper studies the portfolio choice of strategic fund managers in the presence of a peer-based underperformance penalty. Evidence is taken from the Colombian pension fund management industry, where six asset managers are in charge of portfolio allocation for the mandatory contributions of the working population. These managers are subject to a peer-based underperformance penalty, known as the Minimum Return Guarantee. The trading behavior by the managers is studied before and after a change in the strictness of the guarantee in June 2007. The evidence suggests that a tighter minimum return guarantee results in more trading in the direction of peers, a behavior that is more pronounced for underperforming managers. These managers rebalance their portfolios by buying securities in which they are underexposed relative to their peers, as opposed to selling assets in which they are overexposed. Overall, the results suggest that incentives for managers to be close to industry benchmarks play an important role in the portfolio allocation of these funds.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Proving Incentives for Long-Term Investment by Pension Funds: The Use of Outcome-based Benchmarks

Autor: Stewart, Fiona
Año: 2014
Resumen: A fundamental goal of any pension system is to ensure that members receive an adequate income when they retire. Although traditional defined benefit pension plans set out how pension income will be determined in advance and then strive to deliver this, the growing number of defined contribution plans accumulate a sum of assets which can then be turned into a pension income on retirement. However, the amount of this retirement income is not predefined This frequently leads to a focus by not only most pension providers, but also regulators and pension plan members themselves on the short-term accumulation of pension assets rather than the longer-term goal of securing an adequate retirement income. This paper discusses a possible solution to this challenge: the use of benchmarks to encourage pension funds to invest with the longer-term goal of delivering adequate retirement income in mind. Examples are provided of leading pension funds that already work with long-term, outcome-based benchmarks. The paper suggests a methodology for pension regulators to use in order to incentivize pension funds in their jurisdictions to adopt a similar approach.

Fuente: Banco Mundial
Clasificación: Fondos de Inversión
Tipo de Publicación: Documentos de Trabajo
Idioma:

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Striving for Better Jobs: The Challenge of Informality in the Middle East and North Africa

Autor: Bodor, Andras; Gatti, Roberta; Angel-Urdinola, Diego F.; Silva, Joana
Año: 2014
Resumen: Economic growth has been sustained for many years pre-crisis in the region, but this has not resulted in the creation of an adequate number of jobs and has succeeded, at best, in generating low-quality, informal jobs. The report addresses one margin of exclusion: informal employment and the vulnerabilities and lack of opportunities associated with it. The report analyzes the constraints that prevent informal workers from becoming formal and discusses policy options to effectively address these constraints. This report looks at informality through a human development angle and focuses particularly on informal employment. Informality is a complex phenomenon, comprising unpaid workers and workers without social security or health insurance coverage, small or micro-firms that operate outside the regulatory framework and large registered firms that may partially evade corporate taxes and social security contributions. The first section provides a detailed profile of informal workers in the region. The second section describes the characteristics of informality in micro-firms that operate outside the regulatory framework and in larger firms that do not fully comply with social security contribution requirements and tax obligations. The third section presents informality and the firm. The fourth section focuses on informality: choice or exclusion? The fifth section discusses policy options for effectively expanding coverage of health insurance and pension systems and promoting the creation of better quality jobs.

Fuente: Banco Mundial
Clasificación: Mercado Laboral
Tipo de Publicación: Libros
Idioma:

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